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What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.


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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Posted by on in Consumers Fight Back
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To all Members,

I know it has felt as though we are flogging a dead horse with the media channels but I have a glimmer of hope in a reporter from our mainstream newspaper that would like to run my story-?  Please take a few minutes to make the phone call to your main local papers and ask to speak with an investigative reporter-please do this for yourself and for all of us- the banks have to be stopped and we all deserve our lives free of the debilitating stress , anxiety and long term health issues we are all suffering at the hands of these imprudent lenders ! Try and when you fail get up and try again!

Also those who will ring the radio stations - now would be an awesome time to warn others about LOW DOC LENDING!

Its up to us to start a CONSUMER CAMPAIGN against a dishonest banking sector who are prepared to lie to court and LIE to PARLIAMENT.

Maggie M

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  • doyla66
    doyla66 Tuesday, 11 March 2014


    The only problem with telling your local newspapers is that they do not understand and probably are not bright enough to get their head around this fraudulent scam, and definitely not up to reporting on it. Another reason would be is at the moment they do not want to lose the banks advertising dollars, but it will be great to see them jump on board when the pressure starts to build and this scam is out in the open for all to see. Media could report on stories of fraud by banks with low doc mortgage loans on a daily basis for the next year if they understood the system of how it all works. It's complicated and when through inactions by ASIC, FOS and COSL in protecting the banks and masking any adverse reporting just makes it harder to syphon out for the ordinary journalist. Thank goodness there are a couple of good journo's around who have the intelligence to comprehend the scam. Certainly the EDR's are not up to it.
    ED yes start contacting the good journo's who understand - so simple and little effort required.

  • doyla66
    doyla66 Tuesday, 11 March 2014

    Wish we had enough money to hire a few planes to do some sky writing on a nice bright sunny windless day -CONSUMER WARNING - RED ALERT - AUSSIE HOME LOAN SCAM READY TO EXPLODE! Then again regulators would take all the credit if it worked so maybe we should start an AVAAZ petition for they sure spread around the world and very fast and the only ones buying our property and further inflating the bubble seem to be overseas buyers. Somebody needs to warn them re what they are letting themselves in for!

  • doyla66
    doyla66 Tuesday, 11 March 2014

    Take a leaf out of the mining industry TV campaign.
    A good 30 second ad or two, professionally produced to appeal to certain groups of people, well placed in prime time (morning and nightly news) and afternoon slots (especially for women to see) would result in greater acceptance of this issue by the mainstream population. I think there would be a real need to get non-political helpful information to Seniors groups, to prevent this fraud and misconduct happening to ARIPs again.
    In the meantime the consistent use of social media (this blog, FB, Twitter, You Tube, etc) and the odd TV appearance keeps the information circling. Look at the blog posts that get the most hits - that's an indicator of what issues are getting traction with readers. From there they may choose to look at other posts - time permitting.
    It's also about credibility and whether people feel they can trust the information on a site which is challenging many of the old ideas about Banking, regulation and government conduct in a fundamentally conservative culture and is actually taking on "the system". BFCSA is also sharing what could be bad news for investors, property owners and shareholders. It's pretty shocking stuff for a lot of people to read. Many regarded BFCSA as a bunch of whinging bears! Now they are seeing that this information applies to EVERY Australia, as the economic ramifications for the entire country could be tiny or huge - we don't know yet. That's why we need proper investigation of all the areas that Denise has mentioned in the past, over and over - it's all on the blog for everyone around the world to read, if they're interested or have the time.
    Thankyou to all those journalists who have taken the trouble to study the evidence, ask the hard questions and share their understanding with their readers and viewers in the mainstream media.

  • doyla66
    doyla66 Tuesday, 11 March 2014

    THANKS Maggie M. Many of us who have been duped are too embarrassed about the situation we find ourselves in that we have not even told our families, friends etc. How could we have been so stupid we say to ourselves?? Sucked right in by the banksters... and they can just walk away blameless, take all our hard earned money, steal our assets, when we have (and I have plenty) proof of fraudulent activity inhouse at the bank. ASIC has been told for many years this is going on. Whistleblowers have alerted ASIC. Pinging a few brokers here and there is pointless. This is just to keep the bank at arms length.. APRA even says that if they released the banks dirty secrets our economy would collapse.. or words to that affect.

    Even police say "well you got the money... what are you complaining about?" That's just the point... "I should never have been approved in the first place... and besides $135K was "buffer money" kindly advanced by bank for me to pay the bank back their interest, as I did not earn enough money to do so with my pay packet... 5 years interest free too.. so nothing coming off the loan.. I was flat out trying to pay the interest only. Taking into consideration what the rent would have been for me, had I not been living in my home, and then deducting this from the interest paid to the bank I am still $155K out of pocket as these were my own funds being used.... So I lost $155K and I am soon to lose my home as well.

    My loan application should have been rejected from day one... end of story ... and I would still have my tiny mortgage and plenty of equity in my home. Prior to 2007 I owed $200K before low doc loan was approved. 2009 I refinanced this low doc to rob "peter to pay paul" ("PAUL" is happy "he" has his money back and COSL say, oh, there is fraud.. case closed. go figure! )

    Banks do not need to hand over "commercially sensitive documents" it seems. I cannot show FOS COSL where the info is wrongly ADDED BY BANK. I can show to FOS COSL that it's not my handwriting, whiteout was used, cross outs by credit assessor, credit assessor writing on the loan statement from other lender I provided, that "loan repayments were capitalized" and "savings history not available"... and yet no alarm bells and $1,000,000 loan approved!

    As for "commercially sensitive".... what is so sensitive? All the banks used the same dodgy tricks we discovered.
    I have endured 7 years of hell, and it is only 2 years ago, thanks to BFCSA, that I now totally understand how I was set up by the bank through the approval of their fraudulent products.... a scam. I asked for copies of my loan application forms that were faxed by the broker to the bank and read what was on it to approve my loans in the first place. Had I been earning that kind of money that the inhouse staff had said that I did, I would not have even needed a loan of the size they approved! This situation stinks!
    How come the banks can walk away from this? No systemic issues says ASIC. How come so many of us have the same complaint yet none of us knew each other? How come?

    So why can't ASIC and their investigative experts understand the set up? This is not fair to consumers at all. FOS COSL ASIC see no wrong in fudging borrowers income figures, assets liabilities after my signature was obtained, just to make the deal fit to benefit the bank and reach it's targets..... of course I was happy loan was approved......... I thought if the bank thinks I can afford the loan... then maybe I actually can and the capital equity plan I was spruiked by their Agent will work.

  • doyla66
    doyla66 Wednesday, 12 March 2014

    Still give it a go

    I completely understand your humiliation and fear around putting your story out there to those that may judge because they simply don't understand - I have family and friends that won't sign my petition because they 'don't want to get involved '- seriously!! Fear and lack of understanding brings with it weird reactions in people- I know how the sense of fail that we are in this mess does creep up at times but keep reminding yourself of this- YOU TRUSTED A PROFESSIONAL FRON THE FINANCIAL SECTOR-
    I am still getting comments years on from people like 'you got a house 'or 'but you got the money' and a lot of 'are you sure the broker didn't stuff it up'.....each day I struggle with all of the emotions and stress that goes with this situation but I hold onto one thing everyday -THE TRUTH!! Give it a go with your local paper etc, I've been trying for 2years and finally got a yes well run your story so it's worth it.
    Maggie M

  • doyla66
    doyla66 Tuesday, 11 March 2014

    Even police say "well you got the money... what are you complaining about?" - That happened to other people too. Find a different police station and/or go straight to the Fraud Investigation Branch. We're reporting crime - regardless of who got what out of it! Concerned citizens are supposed to report crime, aren't they?
    Another one you may hear is "you just want to get out of paying your loan back"... and "we need to be convinced 100% that this is fraud before we go to the Bank and get the documents" ... and "why should we use police resources to get your documents for you? Go to a court just like anyone else and subpoena your documents in court". All this shows is that some police understand the situation and some don't at all.
    As for "you got the money" - what "money"? Chances are you even banked at the same bank to which the credit was "added" when you accessed the credit account set up for the mortgage/credit arrangement. This is sometimes referred to as "draw down" which is another piece of deceptive language, implying that you drew real money out of the credit facility, which of course you didn't. Even if you had, "drawing" anything into an account at the same Bank is actually benefiting the Bank too.
    There seems to be a real need to supply educational material and expert explanations to some police, judges, lawyers, etc to assist them in understanding why this is fraud and thus a reportable crime requiring serious investigation. Credit is neither borrowings nor capital.
    As for ASIC ... it wouldn't be in their interests to encourage consumer awareness regarding loan fraud nor assist beyond the basics in acknowledging and investigating fraud lending by some of Australia's wealthiest financial corporations. That is, unless ASIC really do want to keep the Consumer Complaints and Consumer Protection role, which we gathered from the Senate Inquiry they don't.
    ACCC probably won't serve the purpose either, as there is a conflict of purpose there as well, plus some loss of consumer confidence over the reports surrounding the CBA takeover of Bank West in 2009. It seems that the head of ACCC may have given in to political pressure. That sort of conduct is incompatible with a trustworthy independent impartial consumer complaints unit that will function with integrity. Either ACCC needs a rejig so it's only handling consumer complaints or it shouldn't be involved in company takeovers, etc. It would make more sense to put the Consumer Complaints and Dispute Handling under the Justice Ministry asap to protect all concerned from the miscarriages of justice many have experienced. Maybe in the future there will be a Consumer Services Ministry to handle protection and disputes in the future.

  • doyla66
    doyla66 Tuesday, 11 March 2014

    And "commercially sensitive" can cover a multitude of sins! -
    * we don't want you knowing what ratios we used on the LSC (what, just in case we start up our own Bank and loan out money in competition with you??)
    * we don't want you comparing the figures we used in the LSC with the ones you supplied to us/the broker as these were tweaked to fit the situation because you said you wanted the loan (not if that mean you were going to commit crime and send me broke just to get our loan over the line!)
    * what we put on the LSC is none of your business as a borrower. The numbers aren't all your personal data so you can't expect us to give the LSC to you by citing the Privacy Act
    * if we give you the LSC you could get your loan contract amount discounted or even wiped out which means we wouldn't get the money we anticipated from you. This loss of income makes the LSC "commercially sensitive".
    * any other excuse the Bank lawyers and spin doctors dream up to put you off!

  • doyla66
    doyla66 Tuesday, 11 March 2014


    I had a Qld Supreme Court judge , the Honorable Judge Barbara Mason say to me when I brought up the fact that the Bendigo and Adelaide ( a supposed community bank)sold my home privately for less than what they valued it at " let the bank's shareholders worry about that , its not my concern. Ed: Tom, Her Honour meant it wasn't relevant to the case and not relevant to the arguments you needed to raise to succeed. This is the problem when people try and run their own defences. Sadly, they do not understand the issues that courts can rule on. You may recall I also pointed that out to you.

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